Copper prices maintain a low consolidation in the short term, waiting for guidance on the news

In terms of the external market, London copper opened at 5596 US dollars / ton, after the opening of London copper along the daily moving average rebounded slightly, and then driven by the collective recovery of base metals, London copper bulls actively increased positions, driving copper prices up sharply, the high touched 5675.
5 US dollars / ton, but subject to the upper 5-day moving average difficult to continue to rise, and then with the sharp rise of the US dollar index, London copper bulls have outflowed, copper prices fell back to the daily moving average near the consolidation, the daily average temporarily supportive, as of 17 :10, London copper reported 5652.
5 US dollars / ton
.
Intraday London copper first rose and then suppressed, repair the overnight too fast decline, expected to be dominated by low volatility in the short term, the market atmosphere still seems to be dominated by bears, London copper recovery has resistance, still low consolidation and
consolidation.

On the macro front, Reuters quoted an authoritative source close to the central bank of China as saying that at the turn of policy, the expected adjustment will lead to market panic and overshoot, and the recent CBRC's financial regulatory policy measures have continued, and the market has made a relatively obvious response, and the central bank does not want this situation to continue
。 In addition, benefiting from economic growth in Japan, the United Kingdom and China, the IMF raised its global growth forecast to 3.
5%, faster than the 3.
4% forecast in January, while raising its 2017 growth forecast to 6.
6% from 6.
5% in January, mainly on the belief that strong credit growth and public investment will help meet the growth target
.
In addition, the US housing starts in March were 1.
215 million, below market expectations of 1.
25 million, a four-month low, and the dollar was weak, but with the copper market currently focused on geopolitical risks, the response to this was limited
.

In terms of the market, Shanghai copper followed the external market fell sharply, holders waited for the opportunity to pull up the current copper premium, speculators covered the goods and sold, so that the market supply plummeted, especially wet copper and flat water copper goods less price, good copper premium passively pushed, morning good copper quotation premium 40 yuan / ton - premium 50 yuan / ton, flat water copper quotation premium 20 yuan / ton - premium 30 yuan / ton, but before the close of noon, good copper quotation premium has exceeded 100 yuan / ton, the holder is determined to get, downstream in the copper price fell when the increase in the volume of receipts, The market is showing a rare state of short supply
.
Due to the recent expectation of a significant decrease in the amount of imported copper entering the domestic market due to the maintenance of domestic refineries and the difficulty of profitability in the import window, the market generally believes that the current copper premium will be further pushed up, and the first round target is about
150 yuan / ton 。 In the afternoon session, the performance of cargo holders diverged, and at the beginning of the opening continued to push up the current copper quotation, flat water copper reported a premium of 80 yuan / ton - 100 yuan / ton, a premium copper reported a premium of 100 yuan / ton - a premium of 130 yuan / ton, but few responders, not only the number of cautious increases, but also the number of high premium cashiers has increased accordingly, the market transaction has been significantly reduced, the afternoon transaction price is 45780 yuan / ton - 45930 yuan / ton
.
The short-term spot premium may have limited space to be raised, and we should be wary of the lack of premium due to the increase in high-priced shipments
.

On the industrial front, about 3,000 miners under Southern Copper are occupying Copper's railway line in Ilo, Peru, and the strike began on Monday, and the company and the union are scheduled to meet
in Lima on Thursday.
Chile's National Copper Salvador copper mine, which produced a total of 63,000
tons of copper last year, has been suspended due to an accident that killed one person.

Overall, although it is currently in the peak season, the downstream has not seen a significant continuous entry into the market, copper prices focus on the tightening of funds and geopolitical pattern in the short term, and the transaction is still treated with shock ideas for the time being
.
The Federal Reserve will release the economic Beige Book on Thursday and the Eurozone flash manufacturing PMI for April on Friday, waiting for guidance
on the news.